Chapter 13 Bankruptcy
A chapter 13 bankruptcy is specifically designed for wage earners. Sometimes it is also called a wage earner’s bankruptcy plan. It enables individuals with regular income to develop a repayment plan. So, they can repay all or part of their debts in installments. Any individual or a self-employed person is eligible for chapter 13 relief. However, Chapter 13 isn’t for everyone, and there are numerous factors to consider. That’s why a chapter 13 lawyer is required to help you here. A chapter 13 bankruptcy lawyer can help you file a bankruptcy.
Can Chapter 13 Bankruptcy Help Clear Your Debt?
If creditors are asking immediate payments, then you can file chapter 13 bankruptcy. Debtors can propose a plan of 3 to 5 years of repaying the debts. Our role comes here as we create a repayment plan for you.
When you’re deeply in debt, climbing your way out seems impossible.
However, you want to pay back what you owe. The financial pressures make paying off debts seem a far away dream. In these cases, chapter 13 bankruptcy can be the extra boost to get you over the debt hump. You can start paying back debts in installments. Further, you can restore your good credit as well.
We’ll help you with all the requirements involved in filing Chapter 13. This includes:
- Analyzing your debt and determine eligibility
- Establish your property end exemptions
- Complete and file all forms
- Represent you at hearing and negotiate a payment plan with creditors
We have a team of qualified chapter 13 bankruptcy lawyers. As a result, we have helped numerous debtors recover from their debt. Now they have good credit score also. Contact us today!
No matter your situation, you can always trust Riviere Advocacy Group LLC to provide honest legal counsel that helps with your debt.
Contact us today to file chapter 13 bankruptcy.
- Mortgages or other loans they would like to bring current, so they do not lose their homes or other property
- Taxes, child support or student loans that can’t be wiped out by Chapter 7 bankruptcy
- Moral convictions that debts should be paid no matter how long it takes
- Flexibility; a Chapter 13 can be dismissed or converted to a Chapter 7 at any time by the debtor. You can modify a plan if income changes or you decide to give up a house or a car. You can refinance or sell a house during the plan.
- You can strip a wholly unsecured second mortgage; or the value a car if you’ve had it more than 910 days
- You can challenge the costs and additional charges added to the balance of your mortgage by the lender.
- Trustees want the plan to succeed and will work with you to get it confirmed.
- There are more debts that can be discharged including some divorce payments and damages for malicious and willful acts Your attorney’s fees can be spread out rather than all due before filing.
- When married a Chapter 13 can be filed for one spouse. This is also true of a Chapter 7 but there are advantages to the 13.
- You can avoid having to reaffirm a car in order to keep it.
- You can solve a tax problem or DSO (domestic support obligation) over the course of the plan, up to 60 months.
- You can stretch out your payments for a car or other secured debt over the course of the plan.
- You will not lose non-exempt property.
- Depending on your income (means test) a trustee can challenge a Chapter 7 filing; the trustee can't challenge a 13.
- The payment plan (Chapter 13 plan) is typically to be submitted within 15 days of filing the petition.
- Typically the first payment made in the plan, is made 30 days after the plan is submitted (regardless of whether the plan is approved).
- Usually between 20 and 40 days after you file your petition, the trustee will hold the “first meeting of creditors” (also called a “341” meeting ).You must be present for that meeting.
- A confirmation hearing will typically be held 20-45 days after the meeting of the creditors.
- Then, as previously mentioned, the Chapter 13 plan will have a life span of between 3 to 5 years.